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"Should one actually hope for a massive crash, just so the planet can be saved?" Yes, and for many other reasons, rooted in the fact that especially since BTC

"Should one actually hope for a massive crash, just so the planet can be saved?" Yes, and for many other reasons, rooted in the fact that especially since BTC is not really used as a currency, the effort is de-facto wasted and that we should likely be putting the energy to better use. You know the about the Pacific Island, similar to Easter Island, that depleted all of their resources building massive stone heads?

leot 9y ago
Economic paradoxes are a real thing.
- alexasmyths 9y ago
  We are supposed to be more intelligently organized than Neolithic era Islanders ...
  - leot 9y ago
    And yet
  - JetSpiegel 9y ago
    Not if our "best and brightest" captains of industry are commended (and not chided) for being college dropouts.
Jach 9y ago
What is BTC used for that keeps every block chock full of transactions?
- alexasmyths 9y ago
  Volume is probably due to the fact some people think of it as a 'store of value' , even though it's really just the opposite - a 100% purely speculative instrument, perhaps the most speculative thing one can possibly buy right now.
  - gonvaled 9y ago
    It stores value if properly managed: a BTC stays a BTC forever, can not be stolen, does not degrade, can be stored easily, ... How much sugar a BTC buys you on the long term is anybody's guess.
    - alexasmyths 9y ago
      "a BTC stays a BTC forever, can not be stolen, does not degrade, can be stored easily" You've very well illustrated the fundamental problem with Bitcoin: it's thought of as a technology, when really it's a financial instrument. The 'storage' you've described is mechanical, technological - and has nothing to do with the concept of a financial store of value. A good financial 'store of value' is somewhere you can park some money, and know that you can go back in 50 years (or some time frame) and it will still have value. Hopefully a little more. BTC is extremely volatile, and because it's not backed by anything - it could go to 0 tomorrow. Probably not - but it could. Think: will BTC be around in 100 years? Heck, in 10 years? Maybe. Will real-estate in London be worth at least something in 100 years? Almost assuredly. Real-estate is generally a very good store of value though obviously it depends upon which regime that real-estate sits. BTC is a very interesting thing, but it's not really a currency, and not really a store of value ... so then what is it?
      - gonvaled 9y ago
        All actives have relative value. It depends on lots of things. Real state in London in 100 years? Anybody's guess. And you will have big costs maintaining that particular store of value (taxes, maintenance, ...) Bitcoin storage will cost you zero. And yes, it could be worthless in two years.
        alexasmyths 9y ago
        "Real state in London in 100 years? Anybody's guess." Ahh - but we can 'guess' - and given how we know the world works, there is a very high likelihood that London property will have value, and probably more than it does today. BTC - there's a decent chance it could be worthless. Though BTC does own the 'upper end of value spectrum' - i.e. investing in BTC could make you 1000x richer in 100 years - and London property will never do that - BTC also owns the lower end of the spectrum, i.e. with a range of probabilities at zero, or near zero. Meaning - not a very good store of value. In fact - as a 'store of value' BTC can't even be remotely considered when there are so many better options. Speculation? Sure. BTC is might be a good bet actually. Store of value? Bad bet.
- gonvaled 9y ago
  Transfers between exchanges and private wallets?
Momquist 9y ago
> You know the about the Pacific Island, similar to Easter Island, that depleted all of their resources building massive stone heads? This is most likely a myth... https://arstechnica.com/science/2016/02/new-evidence-easter-island-civilization-was-not-destroyed-by-war/ https://arstechnica.com/science/2016/02/new-evidence-easter-... https://www.archaeology.org/news/1649-131216-easter-island-never-collapsed https://www.archaeology.org/news/1649-131216-easter-island-n...

leot 9y ago

Economic paradoxes are a real thing.

alexasmyths 9y ago
We are supposed to be more intelligently organized than Neolithic era Islanders ...
- leot 9y ago
  And yet
- JetSpiegel 9y ago
  Not if our "best and brightest" captains of industry are commended (and not chided) for being college dropouts.

Jach 9y ago

What is BTC used for that keeps every block chock full of transactions?

alexasmyths 9y ago
Volume is probably due to the fact some people think of it as a 'store of value' , even though it's really just the opposite - a 100% purely speculative instrument, perhaps the most speculative thing one can possibly buy right now.
- gonvaled 9y ago
  It stores value if properly managed: a BTC stays a BTC forever, can not be stolen, does not degrade, can be stored easily, ... How much sugar a BTC buys you on the long term is anybody's guess.
  - alexasmyths 9y ago
    "a BTC stays a BTC forever, can not be stolen, does not degrade, can be stored easily" You've very well illustrated the fundamental problem with Bitcoin: it's thought of as a technology, when really it's a financial instrument. The 'storage' you've described is mechanical, technological - and has nothing to do with the concept of a financial store of value. A good financial 'store of value' is somewhere you can park some money, and know that you can go back in 50 years (or some time frame) and it will still have value. Hopefully a little more. BTC is extremely volatile, and because it's not backed by anything - it could go to 0 tomorrow. Probably not - but it could. Think: will BTC be around in 100 years? Heck, in 10 years? Maybe. Will real-estate in London be worth at least something in 100 years? Almost assuredly. Real-estate is generally a very good store of value though obviously it depends upon which regime that real-estate sits. BTC is a very interesting thing, but it's not really a currency, and not really a store of value ... so then what is it?
    - gonvaled 9y ago
      All actives have relative value. It depends on lots of things. Real state in London in 100 years? Anybody's guess. And you will have big costs maintaining that particular store of value (taxes, maintenance, ...) Bitcoin storage will cost you zero. And yes, it could be worthless in two years.
      - alexasmyths 9y ago
        "Real state in London in 100 years? Anybody's guess." Ahh - but we can 'guess' - and given how we know the world works, there is a very high likelihood that London property will have value, and probably more than it does today. BTC - there's a decent chance it could be worthless. Though BTC does own the 'upper end of value spectrum' - i.e. investing in BTC could make you 1000x richer in 100 years - and London property will never do that - BTC also owns the lower end of the spectrum, i.e. with a range of probabilities at zero, or near zero. Meaning - not a very good store of value. In fact - as a 'store of value' BTC can't even be remotely considered when there are so many better options. Speculation? Sure. BTC is might be a good bet actually. Store of value? Bad bet.
gonvaled 9y ago
Transfers between exchanges and private wallets?

Momquist 9y ago

> You know the about the Pacific Island, similar to Easter Island, that depleted all of their resources building massive stone heads? This is most likely a myth... https://arstechnica.com/science/2016/02/new-evidence-easter-island-civilization-was-not-destroyed-by-war/ https://arstechnica.com/science/2016/02/new-evidence-easter-... https://www.archaeology.org/news/1649-131216-easter-island-never-collapsed https://www.archaeology.org/news/1649-131216-easter-island-n...